Bitmine Immersion Technologies (NYSE: BMNR) has expanded its Ethereum treasury to 5.82 million ETH, a position representing approximately 4.8% of Ethereum’s total supply of 120.7 million ETH, according to figures released by the company.

The company says it is now about 96% of the way toward its ambitious “Alchemy of 5%” goal, underscoring the growing role of corporate treasuries in the Ethereum ecosystem. Bitmine’s ETH stockpile has already overtaken the Ethereum Foundation’s own holdings, making it the largest corporate holder of ETH. The strategy applies to Ethereum the public-market accumulation playbook popularized for bitcoin by Strategy (formerly MicroStrategy), and other listed companies, such as SharpLink Gaming, have adopted similar Ethereum treasury strategies. The update was distributed via PR Newswire.

Bitmine reported total crypto, cash, marketable securities, and “moonshot” holdings worth $11.4 billion. Beyond its flagship ETH position, the portfolio comprised 5,815,164 ETH, 210 Bitcoin, $78 million in cash and marketable securities, a $180 million stake in Beast Industries, and $73 million invested in Eightco Holdings (NASDAQ: ORBS).

The company purchased another 9,926 ETH over the past week, extending an unbroken run of weekly acquisitions that began when it launched its Ethereum Treasury Strategy in June 2025 — a pivot from its origins as a bitcoin miner. The buying has been financed primarily through successive equity raises in the public markets.

Bitmine Stakes 87% of ETH Holdings for Yield

Bitmine is not simply accumulating ETH; it is also putting its holdings to work. Ethereum’s proof-of-stake network pays rewards, denominated in ETH, to validators who lock coins to help secure the blockchain, giving large holders a way to earn yield without selling. The company said 5,067,309 ETH — roughly 87% of its Ethereum holdings — was already staked as of August 16. At an ETH price of $1,893, the staked position was valued at approximately $9.6 billion.

The staking operation is supported by MAVAN, Bitmine’s institutional-grade staking and validation platform. The company reported a seven-day staking yield of 2.61% and said annualized staking revenue is now projected at approximately $250 million. If its entire ETH holdings are eventually staked through MAVAN and its partners, Bitmine estimates annualized rewards could reach $287 million.

The arrangement gives the company an additional potential source of revenue while allowing it to maintain exposure to ETH’s long-term price performance.

ETH/BTC Ratio Breaks Long-Term Downtrend

Bitmine also emphasized Ethereum’s relative strength. According to the company, the cryptocurrency outperformed the Nasdaq 100 by 2,500 basis points in July, its best performance since July 2025.

Chairman Thomas Lee, co-founder of research firm Fundstrat Global Advisors, said the ETH/BTC ratio stands at 0.02994 and that the ratio has broken out of its long-term downtrend. According to Lee, Ethereum may be positively impacted by blockchain usage for tokenizing financial assets and by artificial intelligence.

Buybacks Accelerate as Institutional Backing Grows

Alongside its ETH purchases, Bitmine is rapidly repurchasing its own shares. The company bought back 1.7 million common shares in the most recent week, bringing total repurchases to 20.8 million shares since July under its previously approved program of up to $4 billion. Among crypto treasury companies, buybacks are a common tool for managing the gap between a stock’s market price and the value of the assets it holds.

Bitmine was added to the Russell 1000 index of large-cap stocks on June 26, and its Series A Preferred Stock is listed on the NYSE under the ticker BMNP.

The company also continues to draw support from a broad set of institutional investors, including Cathie Wood of ARK, Founders Fund, Pantera, Kraken, and Galaxy Digital, among many others.

What Comes Next

The firm’s next milestone is reaching 5% of Ethereum’s total supply, a target that must be pursued while Ethereum’s circulating supply continues to change. The factors investors will be watching include staking output, MAVAN’s growth, the share buyback, and performance versus Bitcoin and other markets.

The strategy is not without risks, which include Ethereum’s price volatility, regulation, staking-related risks, and the concentration of corporate assets in a single digital asset. Even so, the expansion of Bitmine’s treasury reflects how institutional investors are viewing Ethereum — not just as a cryptocurrency, but as an earning financial asset.